Skills Acquired in the Development of an Entrepreneurial Mindset
Children can begin developing the skills necessary to think like an entrepreneur by creating a small business from their own passions and interests.
Here are the skills developed by completing each exercise within the course and ultimately creating their own business for sale at a children’s business fair.
- Opportunity recognition: The ability to see solutions to problems as opportunities to create something of value to others.
- Forward Thinking: Can they imagine a future for not only an idea’s success, but their relationship with the effort to produce such an idea?
- Risk Tolerance: Continuing to move forward with little to no guarantee of a successful outcome from their efforts.
- Resilience: Able to overcome failure and navigate obstacles, treating each setback as a sign to keep working on the problem.
- Independent and Self-sufficient: Being able to start something and see it through to the end without any promise of award. This is different from doing it all themselves, but more about taking the initiative to see it done in absence of any promise of a grade, gold star or winning a judged competition.
- Innovation: To envision something new or different, even if the idea is changing something already in existence.
- Critical thinking and Creative problem solving: Using Design Thinking to ensure an idea (solution) is truly solving the correct problem for the right person or group of people.
- Flexibility: Willingness to change and adapt their idea based on constructive feedback.
- Digital Literacy: Use Artificial Intelligence (AI) tools in the development process of your business.
Unit Overview:
Unit 1: The Idea Machine
This unit is to determine the business idea. Students will develop a clear customer avatar and a prototype.
Unit 2: The Pitch
This unit is getting the students to the point of having a Minimum Value Product (MVP). The students learn how to pitch, how to do iterative testing against their ideal customer, and how to refine their prototype. The students will also pitch their ready-for-market business idea.
Unit 3: The Cost of Doing Business
This is a Cost of Goods Sold exercise. How much does one single version of their product cost? A good amount of basic math and an opportunity to determine product viability. If the product costs more to create then they can sell it for, quick decisions need to be made.
Unit 4: What’s it Worth?
Students will set their price based on the base costs of their MVP and the customer avatar. Students will then get to project potential profits.
Unit 5: Get the Word Out
The students learn about marketing and creating a brand.
Unit 6: Packages, Label and Tag
In this unit, students will cover the presentation of their product for sale. We will review the way a customer interacts with their product, and ensures visibility, accessibility, and availability. What’s in the package, how much it costs, and the ability to take it with them are things to consider.
Unit 7: Be Prepared
Students will prepare for the Business Fair. Students will determine how many tables, electrical outlines, Wi-Fi, etc., that is needed for the Fair.
Unit 8: Profits and a Plan
This unit introduces the aftermath of selling their product or service. Reinvesting, savings, and philanthropy are considered.
